LONDON, Oct. 10, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the rocket propulsion market, Increased spending and capital investment by government bodies and space companies are significantly driving the rocket propulsion market. Capital investment refers to the acquisition of physical assets by a company for use in furthering its long-term business goals and objectives. Industries are investing huge capital in space exploration, and product innovation for technology advancements, and government agencies also taking initiatives and allowing them to spend more on research and development and produce more efficient and creative technology. For example, for instance, according to Space Capital LP, a US-based venture capital firm that invests in space-based technologies, with another $7.2bn invested in the Q1 2022, venture capital invested $17.1bn into 328 space companies in 2021, accounting for 3% of total global venture capital flows. According to USAspending, a US-based official open data source of federal spending information, in FY 2022, the National Aeronautics and Space Administration (NASA) had $30.44 bn in available budgetary resources distributed among its 1 agency sub-components to drive advances in technology, aeronautics, and space exploration to enhance knowledge and innovation. Therefore, increasing spending and capital investment by government bodies and space companies is predicted to boost demand for rocket propulsion systems during the forecast period.
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The global rocket propulsion market size is expected to grow from $4.82 billion in 2021 to $5.29 billion in 2022 at a compound annual growth rate (CAGR) of 9.8%. The global rocket propulsion market growth is expected to reach $7.67 billion in 2026 at a compound annual growth rate (CAGR) of 9.7%.
Technological advancements and innovations are the key trends gaining popularity in the rocket propulsion market. Many research institutes and companies are developing innovative products to meet industry demands and strengthen their business presence in the rocket propulsion systems sector. For instance, according to Science Daily, a US-based press release that publishes about science, in 2020, researchers from the University of Central Florida invented a new rocket propulsion system, known as a rotating detonation rocket engine that allows upper-stage rockets for space missions to become lighter, travel farther, and burn more cleanly. This technique increases the efficiency of rocket engines, allowing greater power to be created while consuming less fuel than typical rocket energy, decreasing the rocket's load, costs, and pollutants.
Major players in the rocket propulsion market are Aerojet Rocketdyne, Mitsubishi Heavy Industries, Space Exploration Technologies Corp, Safran S.A., Blue Origin, JSC Kuznetsov, Yuzhmash, Rocket Lab, NPO Energomash, Orbital ATK, Lockheed Martin, Thales Group, Kongsberg Gruppen ASA, The Raytheon Company, and Roketsan A.S.
The global rocket propulsion market is segmented by propulsion type into solid, liquid, hybrid; by orbit type into LEO, MEO, GEO, beyond GEO; by launch vehicle type into manned, unmanned; by end user type into civil and commercial, military.
Asia-Pacific was the largest region in the rocket propulsion market in 2021, and it is also expected to be the fastest-growing region in the global rocket propulsion market during the forecast period. The regions covered in the global rocket propulsion market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Rocket Propulsion Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide rocket propulsion market overviews, rocket propulsion market analyze and forecast market size and growth for the whole market, rocket propulsion market segments and geographies, rocket propulsion market trends, rocket propulsion market drivers, rocket propulsion market restraints, rocket propulsion market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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